penn national gaming inc (PENN) Key Developments

Penn National Gaming Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter Ending September 30, 2015; Revised Earnings Guidance for the Year Ending Dec. 31, 2015

Jul 23 15

Penn National Gaming Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net revenues of $700,956,000 compared to $652,146,000 a year ago. Income from operations was $34,694,000 compared to $23,382,000 a year ago. Income from operations before income taxes was $28,040,000 compared to $12,930,000 a year ago. Net income was $16,886,000 or $0.19 per basic and diluted share compared to $4,176,000 or $0.05 per basic and diluted share a year ago. Adjusted EBITDAR was $195.2 million compared to $186.7 million a year ago. Adjusted EBITDA was $85.7 million compared to $82.1 million a year ago.
For the six months, the company reported net revenues of $1,365,094,000 compared to $1,293,226,000 a year ago. Income from operations was $58,172,000 compared to $41,433,000 a year ago. Income from operations before income taxes was $48,296,000 compared to $24,267,000 a year ago. Net income was $27,882,000 or $0.31 per diluted share compared to $8,713,000 or $0.10 per diluted share a year ago. Adjusted EBITDAR was $379.433 million compared to $364.329 million a year ago. Adjusted EBITDA was $161.069 million compared to $155.407 million a year ago.
For the third quarter ending September 30, 2015, the company expects net revenues of $728.2 million, adjusted EBITDAR of $197.7 million, adjusted EBITDA of $89 million, net income of $16.8 million and diluted EPS of $0.18.
For the year ending Dec. 31, 2015, the company now expects net revenues of $2,786.3 million, adjusted EBITDAR of $754.5 million, adjusted EBITDA of $319.1 million, net income of $52.7 million and diluted EPS of $0.58 compared to previous guidance of net revenues of $2,735.9 million, adjusted EBITDAR of $740.3 million, adjusted EBITDA of $306.5 million, net income of $41.9 million and diluted EPS of $0.46. The company expects CapEx, inclusive of its Jamul Indian Village project, for 2015 is estimated at $365 million -- $361 million with $151 million in the third quarter; maintenance CapEx for 2015 is estimated at $75 million with $25 million to be expended in the third quarter; GAAP basis effective tax rate for the balance of 2015 is currently estimated at 42%; and finally, free cash flow before project CapEx and principal payments of $192 million for the year.

Penn National Gaming Inc. to Report Q2, 2015 Results on Jul 23, 2015

Jul 8 15

Penn National Gaming Inc. announced that they will report Q2, 2015 results at 7:00 AM, US Eastern Standard Time on Jul 23, 2015

Penn National Gaming Inc. announced the appointment of Bob Sheldon as President of Las Vegas Operations effective July 6, 2015, subject to regulatory approvals. In this newly created position, Mr. Sheldon will oversee the operations of Tropicana Las Vegas following the completion of the Company’s acquisition of the iconic Strip property, which is expected to occur later this year, as well as the operations of the M Resort in Henderson. Mr. Sheldon will report directly to Jay Snowden, Penn National’s Chief Operating Officer. Bob Sheldon currently serves as the General Manager of Hollywood Casino at Kansas Speedway, which is jointly owned with International Speedway Corporation, and was responsible for the property’s successful opening in February 2012. A search for his replacement is underway. Anthony Marnell, who is currently the President and General Manager at the M Resort, will be transitioning to a new strategic consulting role for Penn National focused on community and political relations in Nevada as well as Penn National’s long-term property development plans in Las Vegas. Mr. Marnell, along with Marnell Corrao Associates, designed and built the M Resort in 2007 and opened the property in 2009.

Penn National Gaming Inc. Announces Executive Appointments

May 26 15

Penn National Gaming Inc. announced that Richard St. Jean has been named General Manager of Hollywood Casino Jamul-San Diego. Mr. St. Jean, who currently serves as General Manager of Hollywood Casino Toledo, will also assume an oversight role at Zia Park Casino Hotel & Racetrack in Hobbs, New Mexico. The company also named Frank Quigley, until recently the interim General Manager of Casino Rama in Orillia, Ontario, as General Manager of Hollywood Casino Toledo. Both appointments are subject to customary regulatory approvals and are expected to be effective in early June 2015. Mr. St. Jean will have full responsibility for the opening and management of the planned $360 million Hollywood Casino Jamul-San Diego, which will be owned by the Jamul Indian Village of California and managed by Penn National Gaming. The new property, situated approximately 20 miles east of downtown San Diego off State Route 94, is scheduled to open in mid-2016 and is expected to feature 1,700 slot machines and 43 live table games along with multiple food and beverage options. Mr. St. Jean will also oversee the company’s efforts to recruit and train approximately 1,000 employees who will serve at the property upon its opening. In addition, he will assume an oversight role at the Company’s Zia Park Casino Hotel & Racetrack, where he will work closely with recently named General Manager Hussain Mahrous to drive continued growth at the property, which saw the addition of a new 154-room hotel in August 2014.
Richard St. Jean served four years as General Manager of Hollywood Casino Toledo, where he led the team credited with the successful May 2012 opening and ramp of operations at the Company’s $300 million facility. He joined the company in May 2011 following a 16-year career at Station Casinos during which he served in a number of roles, including President of Native American Gaming, Vice President and General Manager of Development, and a variety of property management roles. Frank Quigley rejoined the company in January 2015 as interim General Manager of Casino Rama. Previously, he served as General Manager of Penn National facilities in Pennsylvania, Illinois, Iowa, and Louisiana. Prior to joining the company in 2003, he served as Vice President of Slot Operations at Harrah’s Showboat Hotel and Casino in Atlantic City, New Jersey and for over 20 years at Harrah’s Casino in Atlantic City, where he ascended from dealer to the rank of Vice President of Table Games/Credit/Security.

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.